NEWARK, N.J., Oct. 3, 2019 /PRNewswire/ -- Rafael Holdings, Inc., (NYSE American: RFL), reported revenue of $4.9 million and a loss per share of $0.35 for the fiscal year ended July 31, 2019. Fourth quarter revenue was $1.4 million and the loss per share was $0.16.

Recent Operational Highlights

Rafael Pharmaceuticals, a clinical-stage pharmaceutical company in which the Company holds preferred equity and a warrant to increase ownership to 56% of the fully diluted equity interests, reached an out-licensing agreement with Ono Pharmaceutical Co., Ltd. of Japan. Ono gained exclusive rights to develop and commercialize Rafael Pharma's lead drug candidate, CPI-613® (devimistat) and related compounds for all indications in certain Asia-Pacific region countries. Rafael Pharma received an upfront payment of $12.9 million, with the right to an additional $150.3 million contingent on attainment of certain developmental and commercial milestones. Rafael Pharma will also receive low-double digit royalties based on net sales.

Rafael Pharma continued to expand its pivotal Phase 3 trial of CPI-613® (devimistat) in combination with modified FOLFIRINOX as a first-line treatment for patients with metastatic pancreatic cancer adding clinical trial sites in France, Korea and Israel.

Future Oncology, a peer-reviewed medical journal, published two manuscripts about the details of ongoing Phase 2 and Phase 3 studies at Rafael Pharma.

LipoMedix Pharmaceuticals, a clinical-stage company in which we hold a majority interest, was awarded a Horizon 2020 Phase 1 grant for the project: Promitil® - a new 'smart' nanomedicine for cancer chemo-radiotherapy. Horizon 2020 is a research and innovation program of the European Union.

"In addition, we have established a wholly-owned venture to develop a pipeline of therapeutic compounds including compounds to regulate cancer metabolism. The venture is pursuing collaborative research agreements with scientists from top academic institutions.

"We also continue our efforts to realize the value of our real estate holdings including our 20-story commercial property and associated garage in Newark, New Jersey."

About Rafael Holdings, Inc.: Rafael Holdings, Inc., ("Rafael Holdings" or "the Company"), a Delaware corporation, owns interests in commercial real estate assets and clinical-stage pharmaceutical companies. The commercial real estate holdings consist of properties in Newark, New Jersey, Piscataway, New Jersey and in Israel. The pharmaceutical holdings include interests in Rafael Pharmaceuticals, Inc., a clinical-stage, oncology-focused, pharmaceutical company and in LipoMedix Pharmaceuticals Ltd., a clinical-stage oncology-focused pharmaceutical company based in Israel.

RAFAEL HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

July 31,

2019

2018

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

12,024

$

15,803

Trade accounts receivable, net of allowance for doubtful accounts of $122 and $82 at July 31, 2019 and 2018, respectively

450

287

Marketable securities

—

24,701

Due from Rafael Pharmaceuticals

280

3,300

Prepaid expenses and other current assets

507

421

Total current assets

13,261

44,512

Property and equipment, net

48,733

50,113

Investments – Rafael Pharmaceuticals

70,018

13,300

Investments – Other Pharmaceuticals

2,000

2,000

Investments – Hedge Funds

5,125

4,218

Deferred income tax assets, net

19

—

In-process research and development and patents

1,575

1,651

Other assets

1,412

1,126

TOTAL ASSETS

$

142,143

$

116,920

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Trade accounts payable

$

795

$

367

Accrued expenses

605

500

Other current liabilities

27

24

Total current liabilities

1,427

891

Due to Related Parties

65

276

Convertible debt, net of discount of $54 – Related Party

14,946

—

Other liabilities

292

188

Accrued interest on convertible note – Related Party

649

—

TOTAL LIABILITIES

17,379

1,355

COMMITMENTS AND CONTINGENCIES

EQUITY

Class A common stock, $0.01 par value; 50,000,000 shares authorized, 787,163 shares issued and outstanding as of July 31, 2019 and 2018, respectively

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